Equals Q1 revenues grow, granted extension to PUSU deadline

Financial services company Equals Group said on Wednesday that revenues had grown by more than a quarter in the first three months of its fiscal year as a result of "robust" trading across the business, with particularly strong growth from its solutions unit.

Equals said quarterly revenues hit £22.2m in the period ended 15 March, up 28% year-on-year

The AIM-listed group told investors that it remains confident in its growth prospects and expects its strong performance to continue throughout the remainder of the year.

Equals, which previously announced a strategic review to explore potential options to maximise shareholder value, including a possible sale of the company, has been in discussions with a limited number of potential counter-parties, including Madison Dearborn Partners.

To allow more time for these discussions to take place, Equals has been granted an extension to the "put up or shut up" deadline by the Panel on Takeovers and Mergers. Madison Dearborn Partners now has until 17 April to either announce a firm intention to make an offer for Equals or not.

As of 1010 GMT, Equals shares were up 3.47% at 113.30p.

Reporting by Iain Gilbert at Sharecast.com